28 July
28/07/2025
Derayah Financial Company Announces a Material Development to Derayah REIT Fund regarding developments to the announcement published on May 25, 2025
| Element List | Explanation |
|---|---|
| Introduction | Derayah Financial Company (“Fund Manager”), in its capacity as Manager of Derayah REIT Fund (“Fund”), announces the issuance of a court ruling in favor of the fund concerning Motoon Tower – Riyadh |
| Description of the Event | Derayah Financial, as the manager of Derayah REIT Fund, announces that it has received a notification from the Fund’s lawyer in the State of Kuwait, stating that a final court ruling has been issued by the Court of Appeal in the State of Kuwait in the case filed by the Fund against the branch of Al-Amaliyah Hotels Company (the previous tenant of the Motoon Tower property), obligating them to pay the Fund an amount of 13,759,116 riyals (thirteen million, seven hundred and fifty-nine thousand, one hundred and sixteen riyals), representing uncollected rental payments for the Motoon Tower property in Riyadh. |
| The Impact Caused by the Event | The impact will be reflected according to the outcome of legal and regulatory procedures and the collection of amounts. |